James Dolan Will Be Sphere Entertainment’s CEO for Three More Years
The executive's new employment contract runs through June 30, 2027.
James Dolan will continue his run as Sphere Entertainment Co.’s executive chairman/CEO for another three years. Sphere Entertainment gave Dolan a three-year contract extension that runs from July 1 to June 30, 2027, according to a July 3 regulatory filing.
Sphere Entertainment consists of Sphere, the groundbreaking, $2.3-billion venue in Las Vegas; MSG Networks, which operates two regional sports networks, MSG Network and MSG Sportsnet; and the streaming platform MSG+. Sphere Entertainment spun off MSG Entertainment, a live events company that owns venues such as Madison Square Garden, in 2023.
According to Billboard Boxscore, sphere generated revenue of $170 million in the quarter ended March 31, its second full quarter since U2 opened the dazzling venue in September with a 40-date residency that grossed $245 million in ticket sales. A deal to construct a second Sphere in London fell through in January, but the company is “in discussions with several markets” and has encountered “plenty of interest all around the world,” Dolan said during a May 10 earnings call.
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The new contract will pay Dolan a base salary of not less than $230,000 and an annual target bonus opportunity not less than 200% of his base salary. He will receive non-qualified performance vesting options to purchase 1.8 million Class A shares of Sphere Entertainment and performance vesting options to purchase 984,700 shares. Through his participation in the company’s long-term incentive programs, Dolan is expected to receive one or more long-term awards with an annual target value of at least $11.8 million.
Dolan was also extended as the executive chairman/CEO of MSG Entertainment on June 21. He carries the same titles at MSG Sports and as owner of the New York Knicks and New York Rangers.
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